Apple Inc. (NASDAQ:AAPL) shareholders are going to receive another quarterly dividend of $2.77 billion Thursday. The iPhone maker will distribute $3.05 per share to shareholders of record on August 12. Apple Inc. (NASDAQ:AAPL) currency has 908.44 million outstanding shares. However, Daniel Eran Dilger of Apple Insider points out that Apple Inc. (NASDAQ:AAPL) will actually spend $110 million less compared to the previous quarter because it has repurchased 36 million shares during June quarter.

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Apple repurchased 36 million shares

Last quarter, Apple Inc. (NASDAQ:AAPL) spent about $16 billion to buy back 36 million of its own shares with an average price of $444.44 per share. The company has earlier announced a $50 billion repurchase program. Of that, the company still has $44 billion to buy back shares by the end of 2015.

Apple Inc. (NASDAQ:AAPL) is sitting on a cash pile of about $150 billion. The Cupertino-based company announced its first quarterly dividend in March 2012, with an attractive $10 billion share repurchase program. Apple Inc. (NASDAQ:AAPL) had decided to pay $2.65 per share in dividend. But the company’s stock began to tumble from October 2012. So, Apple Inc. (NASDAQ:AAPL) CEO Tim Cook boosted the dividend payout from $2.65 to $3.05 per share earlier this year to attract investors.

Icahn wants Apple to further boost shareholder value

According to Dividend Daily, the dividend boost worked its magic. Retail investors expressed renewed interest in the company. And Apple Inc. (NASDAQ:AAPL) soon became one of the most widely held stock by the brokerage firm TD AmeriTrade’s clients. Though Apple Inc. (NASDAQ:AAPL) has a huge cash pile, it recently entered the debt market to raise cash to reward shareholders. That’s because Apple Inc. (NASDAQ:AAPL) holds most of its cash overseas to avoid taxes. Despite that, Apple Inc. (NASDAQ:AAPL) is one of the largest corporate tax payers in the United States.

Recently, investor Carl Icahn disclosed a massive position in Apple Inc. (NASDAQ:AAPL). He is planning to push the company for greater shareholder value through more stock buyback and increased dividend.

Apple Inc. (NASDAQ:AAPL) shares were down 0.03% to $498.35 at 3:34 PM EDT.